NCLAT rejects ₹89.94 crore deposit offer to stop CIRP
In short
The NCLAT rejected an ₹89.94 crore deposit offer meant to stop a CIRP. The report says the court pointed to Section 12A limits and said the financial creditor did not want to settle.
This matters because the insolvency process will keep going. The reporting does not say which company was involved or what happens next.
What the reporting says
The NCLAT rejected an ₹89.94 crore deposit offer intended to halt a CIRP, according to the report. Taxscan says the bench cited Section 12A restrictions, forum shopping concerns and the financial creditor’s refusal to settle. The immediate consequence is that the insolvency process continues, while the underlying company and creditor identities are not stated in the available reporting.
Why it matters
The NCLAT refused to accept an ₹89.94 crore deposit proposal that was meant to halt a corporate insolvency resolution process. The summary says the bench relied on Section 12A restrictions, concerns about forum shopping and the financial creditor’s unwillingness to settle. The reporting does not identify the company involved or disclose any resolution timeline.